During Tuesday’s trading session, gold markets originally rose but have since retraced their gains as it appears we have finally encountered strong resistance.
Tuesday’s gold markets have been relatively quiet in anticipation of the Jackson Hole meeting. Despite this, we are perched directly atop the support level.
On Monday, gold fell to a new multi-month low of about $1,787/oz, and the climb higher is anticipated to be challenging. Data from New York’s Empire State Manufacturing (-11.6 against f/c 17) and somewhat lower US Treasury rates helped strengthen gold prices yesterday.